xagusd

15 Okt 2022Silver (XAG/USD) has been trading in a downward sloping channel since August 2020. On July 5th, 2022, the precious metal broke below the bottom trendline of the channel. Silver attempted to rebound a few times back into the channel, however it could only make it as far as the 38.2% Fibonacci retracement level from the March 8th highs to the September 1st lows, near 21.24. Since reaching that near-term high on October 4th, Silver has moved lower on 7 of the last 8 trading days. The 1 day it did close higher, it only closed higher by 0.01! If Silver continues to move lower, the firs t support is at the September 1st lows of 17.54. Below there, horizontal support crosses from the June 15th , 2020 lows at 16.95, then the April 2020 highs at 15.85. However, if Silver can manage to move higher, the first resistance is at the lows of October 5th at 20.02, then the highs of October 4th at 21.24. Above there, resistance crosses at the 200 Day Moving Average at 21.83.